Dive Brief:
- Only 62 of the 1,137 colleges and universities that submitted financial information to U.S. News & World Report meet 100% of their students’ financial need, the magazine reported.
- As defined by the magazine, financial need is the difference between the cost of college — including tuition, fees, and room and board — and the expected financial contribution from the student’s family.
- Many of the 62 schools are highly ranked in the U.S. News category listings, and all but two of the magazine’s top 20 National Universities and National Liberal Arts Colleges meet 100% of financial need.
Dive Insight:
The two exceptions from the top 20 lists are the U.S. Naval Academy, which charges no tuition, and the University of California—Berkeley, which meets 97.5% of financial need. Schools use loans, scholarships, grants, and work-study jobs to close the gap between the student’s cost of attending and their expected contribution, calculated using tax information, family assets, and family size provided on the Free Application for Federal Student Aid.